Latest Results

Unaudited financial information for the six months to 30 June 2007

Statement of Operations
Balance Sheet
Cashflow Statement

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American Leisure Group Limited ("the Company") is pleased to announce results for its underlying subsidiary undertakings, being American Leisure Holdings Inc. and its subsidiaries ("ALHI") and Azure Property Investments Inc and its subsidiaries ("Azure") (together "the Subsidiaries") for the six months to 30 June 2007.

The Company was incorporated in 16 May 2007 and its shares were admitted to AIM on 13 August 2007 ("Admission"). The acquisition of the Subsidiaries was conditional on Admission.

Basis of preparation

The Financial Information has been prepared on the basis of the Subsidiaries' consolidated financial statements prepared in US Dollars, making such adjustments as considered appropriate. The Financial Information has been prepared under the historic cost convention and in accordance with US GAAP. The Financial Information has not been audited.

Statement of operations for the six months ended 30 June 2007

	ALHI	AZURE
	Unaudited	Unaudited
	$'000	$'000
Revenue
Service Revenues	12,778	-
Undeveloped Land Sales	-	-

Total Revenue	12,778	-

Cost of Service Revenues	(12,150)	-
Cost of Undeveloped Land Sales	-	-

Total Costs	(12,150)	-

Gross Margin	628	-

Operating Expenses:
Depreciation and amortization	(467)	-
General and administrative expenses	(1,821)	(2)


Total Operating Expenses	(2,288)	(2)

Income (Loss) from Operations	(1,660)	(2)

Interest Income	179	48
Other Income	197	-
Interest Expense	(2,007)	-

Loss from continuing operations before income taxes	(3,291)	46

PROVISIONS FOR INCOME TAXES	(5)	-

Net loss from continuing operations	(3,296)	46

Gain (loss) from discontinued operations	-	-

NET INCOME (LOSS)	(3,296)	46

Balance sheet as at 30 June 2007

	ALHI	Azure
	Unaudited $'000	Unaudited $'000
ASSETS
CURRENT ASSETS:
Cash	3,497	8
Cash - restricted	0	0
Accounts receivable, net	1,684	330
Other receivable	270	0
Prepaid expenses and other	3,385	0
Total Current Assets	8,836	338


PROPERTY AND EQUIPMENT, NET	8,653	0

LAND HELD FOR DEVELOPMENT	112,424	85,195

OTHER ASSETS
Cash - restricted	8,954	-
Prepaid sales commissions	9,940	5
Prepaid sales commissions - affiliated entity	3,976	2
Goodwill	4,559	0
Trademark	937	0
Other	2,015	0
Total Other Assets	30,382	8

TOTAL ASSETS	160,296	93

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Current maturities of long-term debt and notes payable	25,676	3,166
Current maturities of notes payable-related parties	583	5,575
Accounts payable and accrued expenses	7,958	9,902
Accrued expenses - officers	3,238	0
Other	9,409	18
Total Current Liabilities	46,864	18,661

Notes payable - related parties	4,060	15,535
Long-term debt and notes payable	72,491	33,281
Deferred income tax payable	0	1,500
Put liability	985	0
Deposits on unit pre-sales	38,020	20,322
Total liabilities	162,420	89,299
Commitments and contingencies

STOCKHOLDERS' EQUITY:
Preferred stock; 1,000,000 shares authorized; $.001 par value;
1,000,000 Series "A" shares issued and outstanding at June 30, 2007	10	-
Preferred stock; 100,000 shares authorized; $.01 par value: 2,825 Series "B" shares issued and outstanding at June 30, 2007	-	-
Preferred stock, 28,000 shares authorized; $.01 par value: 27,189 Series "C" shares issued and outstanding at June 30, 2007	-	-
Preferred stock; 50,000 shares authorized; $.001 par value: 36,588 Series "E" shares issued and outstanding at June 30, 2007	-	-
32,249 Series "E" shares issued and outstanding at December 31, 2006	-	-
Preferred stock; 150,000 shares authorized; $.01 par value; 0 and 0 Series "F" shares issued and outstanding at 30 June 2007	-	-
10,877,974 shares issued and outstanding at December 31, 2006	11	-

Additional paid-in capital	22,757	1,000

Accumulated deficit	(24,903)	3,162
Total Stockholders' Equity	(2,125)	4,162

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	160,296	93

Cash flow statement for the six months to 30 June 2007

	ALHI Unaudited $'000	Azure Unaudited $'000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	(3,296)	46
Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities:
Depreciation and amortization	620	-
Non-cash interest expense	1,382	-
Non-cash warrant compensation	1,046	-
Changes in assets and liabilities:
Increase (decrease) in restricted cash	1,031	379
Increase (decrease) in accounts receivable and other receivables	1,465	-
Decrease (increase) in prepaid expenses and other	(2,421)	-
Increase in prepaid sales commissions	(668)	322
Increase in land held for development	(40,493)	(3,056)
Decrease (increase) in deposits on unit pre-sales	554	(1,157)
Increase in accounts payable and accrued expenses	7,135	1,713

Net cash provided by operating activities	(33,645)	(1,753)

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets	(90)	-
Increase in restricted cash	1,410	(294)

Net cash used in investing activities	1,320	(294)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt	(22,021)	-
Proceeds from notes payable	56,733	1,998

Net cash provided (used) by financing activities	34,712	1,998

Net increase in cash	2,387	(49)
		-
CASH AT BEGINNING PERIOD	1,110	56

CASH AT END OF PERIOD	3,497	7

Page last up-dated: 1 October 2007

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